As of 11:55am, the rupee was trading at 279.82, reflecting a gain of Re0.25.

On Monday, the rupee had closed at 280.07.

In international markets, the Japanese yen emerged as a preferred safe haven, trading near five-month highs amid concerns about a tariff-induced slowdown in US economic growth, which has unsettled US stocks and the dollar.

The Australian dollar experienced a modest decline of 0.4%, priced at $0.6272, while the British pound remained above its 200-day moving average at $1.2875, and the euro was stable just above $1.08.

China’s yuan held steady at 7.26 per dollar in early offshore trading.

Last week, the dollar index recorded its largest weekly decline in over two years, driven by falling US bond yields and positive developments in Germany regarding borrowing reforms.

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Pakistani rupee sees slight increase against US dollar in inter-bank market

Pakistani rupee steady against US dollar in interbank market

Rupee shows stability up 0.01% against dollar in early trading

Oil prices also dropped for a second consecutive day due to rising fears of a potential US recession, the impact of tariffs on global growth, and OPEC+’s plans to increase supply.

Brent crude futures fell by 6 cents to $69.22 a barrel, while US West Texas Intermediate crude futures decreased by 13 cents to $65.90 a barrel.